Castore, the kit partners of the FAI, Leinster and Ulster Rugby in Ireland has reported a surge in sales but also a heavy loss in the period ending 4th February this year.
The statement attached to the financial results put the move from a profit of £11.7 million in 2023/4 to a loss of £21.5 million in the latest year down to “increased investment in people, systems and infrastructure.”
“The directors are pleased with the progress that has been made in this regard, acknowledging that there has been short term dilutive impact on overall profitability, and are encouraged by the outlook, which, alongside continued sales growth, is expected to demonstrate improved cost efficiency, working capital improvements and the gradual optimisation of supply chain measures,” added the narrative to the report.
The growth in sales is significant, rising 65 per cent to £190 million, indicating the the business is solid.
Its growth trajectory is clearly based on adding key partnerships and both online and physical retail stores.
The store on Grafton Street is in a premium position for Dublin and the deals offered to the Irish partners were clearly at the upper end of expectations.
They provided teamwear and merchandise for both Red Bull and McLaren in Formula 1, the England Cricket team and Everton and Glasgow Rangers in Football as well.
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